U.S. rig count loses 34, Canada adds 83
After holding relatively steady last week, the U.S. rig count dropped by 34 this week, according to information from Baker Hughes Industries (ticker: BHI). The drop represents a 5% decline in the U.S. rig count in just a single week. Last week, the total U.S. rig count dropped below 700, the lowest level since 1999.

Texas lost 13 rigs week-over-week, with most other states losing three or four rigs as well. The only state to add any rigs this week was Louisiana, which added a single rig to its count. ...

EIA predicts U.S. gas production will grow by nearly 1 Bcf/d in one month EnerCom’s Effective Rig Count rose sharply last month, as improving efficiencies combined with a jump in active rigs. The Effective Rig Count now stands at 2,670, meaning it would take 2,670 rigs from January 2014 to yield the same production as current operations are achieving. Current[Read More…]